Strategy Inc. (formerly MicroStrategy, ticker: MSTR), the prominent Bitcoin treasury company led by Michael Saylor, announced a proposed initial public offering (IPO) for 3.5 million shares of its 10.00% Series A Perpetual Stream Preferred Stock (STRE).
This marks the company’s first euro-denominated security, aimed at tapping into European and global institutional capital markets to fund further Bitcoin acquisitions and general corporate purposes, including working capital.
Each share has a stated value (par value) of €100. The stock is perpetual, meaning it has no maturity date, and is non-voting. 10% annual cumulative dividend rate on the €100 stated amount, paid quarterly if declared by the board. Unpaid dividends compound at up to 18% annually.
Shares will be listed on the Euro MTF market in Luxembourg under the ticker STRE, targeting qualified institutional investors and professional clients in the European Economic Area (EEA) and the United Kingdom. Retail investors are explicitly excluded.
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Net proceeds potentially up to €350 million at par will primarily support Strategy’s ongoing Bitcoin accumulation strategy, which has positioned the company as the largest corporate holder of Bitcoin currently trading closely above $103,000.
STRE ranks senior to existing STRK, STRD, and MSTR common stock but junior to STRF, STRC, and the company’s debt obligations. Strategy can redeem all shares if fewer than 25% of the original issuance remains outstanding or in cases of adverse tax events.
The redemption price equals the liquidation preference plus any accumulated unpaid dividends. In the event of a “fundamental change” (e.g., certain mergers or asset sales), holders can require Strategy to repurchase shares at the €100 stated amount plus accumulated dividends.
Liquidation Preference: Adjusts daily to the highest of:€100 (stated amount), The prior day’s closing market price, or The 10-day volume-weighted average price (VWAP). This mechanism protects investor value by linking it to market performance.
This launch follows Strategy’s Q3 2025 earnings release, where the company hinted at international expansion of its perpetual preferred stock offerings. By introducing a euro-denominated instrument, Strategy is diversifying beyond U.S. dollar-based financing (e.g., STRK and STRF) to access European liquidity, amid a strengthening dollar and Bitcoin’s rally.
The move aligns with CEO Phong Le and Chairman Michael Saylor’s emphasis on leveraging capital markets to bolster the balance sheet with digital assets, without diluting common stock. The offering is subject to market conditions and regulatory approvals, with an investor presentation featuring Saylor and Le available for review.
This development underscores Strategy’s aggressive Bitcoin treasury strategy, now extending to global investors. First €-denominated perpetual preferred stock opens European institutional liquidity, reducing reliance on USD markets and hedging against dollar strength.
Up to €350M in proceeds directly funds BTC buys, reinforcing Strategy’s position as top corporate holder ~621,000 BTC at Q3 2025 without common stock dilution. Daily-adjusted liquidation preference tied to market price or VWAP gives downside protection with equity-like exposure, appealing to yield-seeking institutions.
Higher Cost of Capital: 10% dividend potentially compounding to 18% is pricier than recent USD offerings (e.g., STRF at 8%), reflecting eurozone yield demands and BTC volatility premium. Sets template for future issuances in GBP, JPY, or CHF, enabling 24/7 global fundraising aligned with Bitcoin’s borderless nature.
Euro MTF listing targets pros only; currency fluctuation and ECB policy shifts introduce new variables vs. USD-denominated STRK/STRF. STRE strengthens Strategy’s capital stack, accelerates BTC treasury growth, and signals a maturing, multinational financing playbook—provided Bitcoin momentum holds.